1995 ORD O-13-95 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ORDINANCE NO. 0-13-95 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA, REPEALING ORDINANCE NO. 0-21-94 AND ESTABLISHING AN ELECTRIC SYSTEM REVENUE FUND AND ACCOUNTS THEREIN AND PROVIDING FOR THE FLOW OF FUNDS FROM THE ELECTRIC SYSTEM REVENUE FUND. WHEREAS, the City of Colton ("City") is a municipal corporation, organized and existing under the general laws and the Constitution of the United State of California; and WHEREAS, the City owns and operates and makes expenditures to finance, acquire and construct additions to, maintain, repair and operate its Electric System; and WHEREAS, the City may, from time to time, enter into contracts with respect to said construction and additions to its Electric System; and WHEREAS, the City intends to enter into an Installment Purchase Agreement with the Colton Public Financing Authority in order to facilitate construction and additions to its Electric System; and WHEREAS, the City adopted Ordinance No. 0-21-94 which established an Electric System Revenue Fund; and WHEREAS, the City desires to repeal Ordinance No. 0-21-94 and replace said Ordinance with this Ordinance. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES HEREBY ORDAIN AS FOLLOWS: Section 1: Definitions: As used in this Ordinance, the terms which are initially capitalized shall, for all purposes, have the respective meanings ascribed to them in the Installment Purchase Agreement, dated as of October 1, 1995, between the Colton Public Financing Authority and the City of Colton or the Indenture of Trust, dated as of October 1, 1995, between the Colton Public Financing Authority and the Trustee named therein. Section 2: Fund and Accounts: (a) The following fund and accounts are hereby created, each of which is to be held by the Treasurer separate and apart from all other funds and accounts held by the Treasurer: